“The pound versus the euro is still trading at around 16.5 per cent lower than it was post-referendum.”

“So far movement in currency markets as result of the Trump victory has been relatively limited compared to swings seen after the EU Referendum results. However, there could be additional volatility, particularly as US markets open.”

The Mexican peso nose-dived to an all-time low – down around 13 per cent – against the dollar.

Whereas the Japanese Yen and gold both saw rises as investors piled money into areas which are seen as safer bets.

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“Not much will change just yet. We were expecting the US Federal Reserve – the equivalent of the Bank of England – to put interest rate up, signalling the world economy is getting a bit stronger. There is now a question over whether that will happen.

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“A lack of world trade could have an impact on our economy. Donald Trump will come from an agenda of wanting to boost American business and the American economy.

“If America starts to work then this will boost all the economies around the world.”

What does this mean for holiday money?

If the sterling holds in the same position then you’ll be able to get more dollars for your pound and this will certainly be the case today.

However, currency markets are notoriously volatile in times of uncertainty so there’s no guarantee that the pound will not sink again.

In the short-term however you may be able to get a little bit more cash if you’re going to the US.

In regard to the Euro the pound actually weakened against this currency, meaning you’ll get less cash in your pocket if you’re going on holiday there.

How to get the best holiday money if you're going to the US

1. Always pay in the local currency If you're given the option to pay - or withdraw cash - in Sterling rather than in the local currency when abroad, always pay in the local currency.

2. Plan ahead- 53 per cent of Brits don’t buy travel money until the week they travel – potentially missing out on the best rates.

3. Monitor rate changes Keep an eye on currency trends so you know the best time to buy.

4. Lock-in your rates When you’re happy with the rate on offer, keep control of what you're spending and lock it in – even if you’re not travelling imminently.

5. Don’t gamble If you leave it until the airport, you could lose £100 for every £1,000 you change as exchanges rates can be over 10 per cent more expensive.

6. The best plastic for you Debit and credit cards are a good back-up for overseas spending but you’ll be at the mercy of the exchange rate on the day and will often be hit with a string of fees.

Will holidays get cheaper?

To the US, maybe. Although the pound hasn’t strengthened against the dollar as much as people thought it might.

If the pound continues to fall against other currencies - including the Euro - then it will still cost more to visit these destinations.

Will other costs - such as the price of food - be affected?

If the pound continues to strengthen against the dollar then, yes. Many of the goods that we buy in the UK are imported using the dollar. If they are not imported then maybe some of the raw materials are.

A stronger pound means that these could be more affordable and we could see prices fall.

However, big firms will have factored in these currency fluctuations as part of their wider business plan.

The 15 destinations where the pound has risen

While UK holidaymakers have not seen an improvement in the pound against the dollar, the pound has strengthened slightly against 15 potential holiday destinations over the last 24 hours. This includes a 1 per cent improvement against the euro as well as against currencies in city break hotspots within Iceland, Croatia, the Czech Republic, Denmark and Switzerland.

- Colombia

- Madagascar

- Maldives

- Cape Verde

- Iceland

- Croatia

- Czech Republic

- Eurozone

- Denmark

- Switzerland

- Bulgaria

- Japan

- Belize

- Poland

- Zambia

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